Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-736297 | |
Entity Registrant Name | Astera Labs, Inc. | |
Entity Incorporation State Country Code | DE | |
Entity Tax Identification Number | 82-3437062 | |
Entity Address, Address Line One | 2901 Tasman Drive | |
Entity Address, Address Line Two | Suite 205 | |
Entity Address City Or Town | Santa Clara | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 95054 | |
City Area Code | (408) | |
Local Phone Number | 337-9056 | |
Security 12b Title | Common Stock, par value $0.0001 per share | |
Trading Symbol | ALAB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 156,656,716 | |
Central Index Key | 0001736297 | |
amendment flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 421,076 | $ 45,098 |
Marketable securities | 409,919 | 104,215 |
Accounts receivable, net | 22,233 | 8,335 |
Inventory | 28,572 | 24,095 |
Prepaid expenses and other current assets | 9,445 | 4,064 |
Total current assets | 891,245 | 185,807 |
Property and equipment, net | 21,821 | 4,712 |
Other assets | 2,449 | 5,773 |
Total assets | 915,515 | 196,292 |
Current liabilities | ||
Accounts payable | 14,595 | 6,337 |
Accrued expenses and other current liabilities | 49,478 | 28,742 |
Total current liabilities | 64,073 | 35,079 |
Other liabilities | 6,190 | 3,787 |
Total liabilities | 70,263 | 38,866 |
Commitments and contingencies (Note 5) | ||
Redeemable convertible preferred stock, $0.0001 par value; 0 and 91,131 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 0 and 90,891 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; liquidation preference of $0 and $265,699 as of June 30, 2024 and December 31, 2023, respectively | 0 | 255,127 |
Stockholders’ equity (deficit) | ||
Common stock, $0.0001 par value; 1,000,000 and 162,641 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 156,656 and 42,046 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 16 | 4 |
Additional paid-in capital | 1,071,504 | 27,411 |
Accumulated other comprehensive (loss) income | (352) | 259 |
Accumulated deficit | (225,916) | (125,375) |
Total Stockholders’ Equity (Deficit) | 845,252 | (97,701) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 915,515 | $ 196,292 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Redeemable convertible preferred stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized (in shares) | 0 | 91,131,000 |
Redeemable convertible preferred stock, shares issued (in shares) | 0 | 90,891,000 |
Redeemable convertible preferred stock, shares outstanding (in shares) | 0 | 90,891,000 |
Redeemable convertible preferred stock, liquidation preference | $ 0 | $ 265,699 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 162,641,331 |
Common stock, shares issued (in shares) | 156,656,000 | 42,046,000 |
Common stock, shares outstanding (in shares) | 156,656,000 | 42,046,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 76,850 | $ 10,688 | $ 142,108 | $ 28,352 |
Cost of revenue | 16,996 | 2,249 | 31,734 | 15,655 |
Gross profit | 59,854 | 8,439 | 110,374 | 12,697 |
Operating expenses | ||||
Research and development | 40,089 | 17,860 | 93,647 | 33,127 |
Sales and marketing | 22,076 | 5,097 | 77,586 | 9,490 |
General and administrative | 22,036 | 3,095 | 46,455 | 6,620 |
Total operating expenses | 84,201 | 26,052 | 217,688 | 49,237 |
Operating loss | (24,347) | (17,613) | (107,314) | (36,540) |
Interest income | 10,264 | 1,555 | 12,818 | 3,151 |
Loss before income taxes | (14,083) | (16,058) | (94,496) | (33,389) |
Income tax (benefit) provision | (6,537) | 3,946 | 6,045 | 4,069 |
Net loss | (7,546) | (20,004) | (100,541) | (37,458) |
Other comprehensive loss | ||||
Unrealized losses on marketable securities, net of taxes | (293) | (212) | (611) | (4) |
Total other comprehensive loss | (293) | (212) | (611) | (4) |
Total comprehensive loss | $ (7,839) | $ (20,216) | $ (101,152) | $ (37,462) |
Net loss per share attributable to common stockholders: | ||||
Basic (in dollars per share) | $ (0.05) | $ (0.55) | $ (0.97) | $ (1.03) |
Diluted (in dollars per share) | $ (0.05) | $ (0.55) | $ (0.97) | $ (1.03) |
Weighted-average shares used in calculating net loss per share attributable to common stockholders: | ||||
Basic (in shares) | 155,199 | 36,567 | 103,865 | 36,199 |
Diluted (in shares) | 155,199 | 36,567 | 103,865 | 36,199 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Redeemable convertible Preferred Stock |
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2022 | 90,891 | |||||
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2022 | $ 255,127 | |||||
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2023 | 90,891 | |||||
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2023 | $ 255,127 | |||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022 | 40,629 | |||||
Beginning balance at Dec. 31, 2022 | $ (85,292) | $ 4 | $ 14,051 | $ (229) | $ (99,118) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares) | 107 | |||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options | 870 | 870 | ||||
Repurchase of common stock upon termination (in shares) | (174) | |||||
Repurchase of common stock upon termination | (174) | (174) | ||||
Stock-based compensation | 4,669 | 4,669 | ||||
Warrants contra revenue | 127 | 127 | ||||
Unrealized losses on marketable securities | (4) | (4) | ||||
Net loss | (37,458) | (37,458) | ||||
Ending balance, shares outstanding (in shares) at Jun. 30, 2023 | 40,562 | |||||
Ending balance at Jun. 30, 2023 | (117,262) | $ 4 | 19,543 | (233) | (136,576) | |
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Mar. 31, 2023 | 90,891 | |||||
Beginning balance, Redeemable Convertible Preferred Stock at Mar. 31, 2023 | $ 255,127 | |||||
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2023 | 90,891 | |||||
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2023 | $ 255,127 | |||||
Beginning balance, shares outstanding (in shares) at Mar. 31, 2023 | 40,558 | |||||
Beginning balance at Mar. 31, 2023 | (99,933) | $ 4 | 16,656 | (21) | (116,572) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares) | 53 | |||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options | 317 | 317 | ||||
Repurchase of common stock upon termination (in shares) | (49) | |||||
Repurchase of common stock upon termination | (174) | (174) | ||||
Stock-based compensation | 2,672 | 2,672 | ||||
Warrants contra revenue | 72 | 72 | ||||
Unrealized losses on marketable securities | (212) | (212) | ||||
Net loss | (20,004) | (20,004) | ||||
Ending balance, shares outstanding (in shares) at Jun. 30, 2023 | 40,562 | |||||
Ending balance at Jun. 30, 2023 | $ (117,262) | $ 4 | 19,543 | (233) | (136,576) | |
Beginning balance, Redeemable Convertible Preferred Stock (in shares) at Dec. 31, 2023 | 90,891 | 90,891 | ||||
Beginning balance, Redeemable Convertible Preferred Stock at Dec. 31, 2023 | $ 255,127 | $ 255,127 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | (90,891) | |||||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering | $ (255,127) | |||||
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2024 | 0 | 0 | ||||
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2024 | $ 0 | $ 0 | ||||
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023 | 42,046 | 42,046 | ||||
Beginning balance at Dec. 31, 2023 | $ (97,701) | $ 4 | 27,411 | 259 | (125,375) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | 90,891 | |||||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering | 255,127 | $ 9 | 255,118 | |||
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions (in shares) | 19,759 | |||||
Issuance of common stock in connection with initial public offering, net of offering costs, underwriting discounts and commissions | $ 665,990 | $ 2 | 665,988 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares) | 835 | 835 | ||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options | $ 1,823 | 1,823 | ||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 3,700 | |||||
Issuance of common stock upon vesting of restricted stock units | 1 | $ 1 | ||||
Shares of common stock withheld related to net settlement of restricted stock units | (559) | |||||
Shares of common stock withheld related to net settlement of equity awards | (20,111) | (20,111) | ||||
Repurchase of common stock upon termination (in shares) | (16) | |||||
Repurchase of common stock upon termination | (3) | (3) | ||||
Stock-based compensation | 140,835 | 140,835 | ||||
Warrants contra revenue | 443 | 443 | ||||
Unrealized losses on marketable securities | (611) | (611) | ||||
Net loss | $ (100,541) | (100,541) | ||||
Ending balance, shares outstanding (in shares) at Jun. 30, 2024 | 156,656 | 156,656 | ||||
Ending balance at Jun. 30, 2024 | $ 845,252 | $ 16 | 1,071,504 | (352) | (225,916) | |
Ending balance, Redeemable Convertible Preferred Stock (in shares) at Jun. 30, 2024 | 0 | 0 | ||||
Ending balance, Redeemable Convertible Preferred Stock at Jun. 30, 2024 | $ 0 | $ 0 | ||||
Beginning balance, shares outstanding (in shares) at Mar. 31, 2024 | 155,471 | |||||
Beginning balance at Mar. 31, 2024 | 808,784 | $ 16 | 1,027,197 | (59) | (218,370) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options (in shares) | 821 | |||||
Issuance of common stock upon exercise of stock options and vesting of early exercised stock options | 907 | 907 | ||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 364 | |||||
Issuance of common stock upon vesting of restricted stock units | 0 | |||||
Stock-based compensation | 43,067 | 43,067 | ||||
Warrants contra revenue | 333 | 333 | ||||
Unrealized losses on marketable securities | (293) | (293) | ||||
Net loss | $ (7,546) | (7,546) | ||||
Ending balance, shares outstanding (in shares) at Jun. 30, 2024 | 156,656 | 156,656 | ||||
Ending balance at Jun. 30, 2024 | $ 845,252 | $ 16 | $ 1,071,504 | $ (352) | $ (225,916) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (100,541) | $ (37,458) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Stock-based compensation | 140,835 | 4,669 |
Inventory write-downs | 1,493 | 9,733 |
Depreciation | 1,331 | 763 |
Non-cash operating lease expense | 1,106 | 536 |
Warrants contra revenue | 443 | 127 |
Accretion of discounts on marketable securities | (1,637) | (640) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (13,898) | 9,081 |
Inventory | (5,970) | 1,374 |
Prepaid expenses and other assets | (5,396) | 223 |
Accounts payable | 5,831 | (7,745) |
Accrued expenses and other liabilities | 10,930 | (6,844) |
Operating lease liability | (1,062) | (600) |
Net cash provided by (used in) operating activities | 33,465 | (26,781) |
Cash flows from investing activities | ||
Purchases of property and equipment | (2,100) | (1,014) |
Purchases of marketable securities | (345,756) | (27,274) |
Maturities of marketable securities | 20,776 | 18,000 |
Sales of marketable securities | 20,358 | 54,749 |
Net cash (used in) provided by investing activities | (306,722) | 44,461 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 672,198 | 0 |
Payment of deferred offering costs | (4,801) | 0 |
Tax withholding related to net share settlements of restricted stock units | (20,111) | 0 |
Proceeds (payments) from exercises of stock options, net of repurchases | 1,949 | |
Proceeds (payments) from exercises of stock options, net of repurchases | (87) | |
Net cash provided by (used in) financing activities | 649,235 | (87) |
Net increase in cash and cash equivalents | 375,978 | 17,593 |
Cash and cash equivalents | ||
Beginning of the period | 45,098 | 76,088 |
End of the period | 421,076 | 93,681 |
Noncash investing and financing activities | ||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering | 255,127 | 0 |
Purchases of property and equipment in accounts payable and accrued expenses | 16,666 | 510 |
Right-of-use assets obtained in exchange for lease obligations | $ 405 | $ 1,342 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | Nature of Business and Summary of Significant Accounting Policies Description of Business Astera Labs, Inc. (the “Company”) offers an Intelligent Connectivity Platform, comprised of semiconductor-based, high-speed, mixed-signal connectivity products that integrate a matrix of microcontrollers and sensors, and COSMOS, the Company’s software suite which is embedded in its connectivity products and integrated into its customers’ systems. The Company delivers critical connectivity performance, enables flexibility and customization, and supports observability and predictive analytics. This approach addresses the data, network, and memory bottlenecks, scalability, and other infrastructure requirements of hyperscalers and system original equipment manufacturers (“OEMs”). Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Astera Labs, Inc. and its wholly owned subsidiaries in Canada, China, Israel, and Taiwan. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. The Company assessed certain accounting matters and estimates that generally require consideration of forecasted information reasonably available to the Company. Management is not aware of any specific event or circumstance that would require an update to estimates or judgments or a revision to the carrying value of assets or liabilities. These estimates and judgments may change as new events occur and additional information is obtained, which may result in changes being recognized in the Company’s condensed consolidated financial statements in future periods, and actual results could differ from these estimates. Initial Public Offering On March 22, 2024, the Company completed its initial public offering (the “IPO”) of 22,770,000 shares of its common stock, par value $0.0001 per share (the “Common Stock”), at a price to the public of $36.00 per share, which included 19,758,903 shares of Common Stock sold by the Company, inclusive of 2,970,000 shares sold by the Company pursuant to the full exercise of the underwriters’ over-allotment option, as well as 3,011,097 shares of Common Stock sold by certain of the Company’s existing stockholders. The Company received net proceeds of $672.2 million after deducting underwriting discounts and commissions of $39.1 million. Immediately prior to the closing of the IPO, the Company issued 90,890,650 shares of its Common Stock upon conversion on a one-for-one basis of all outstanding shares of its Series A Preferred Stock, par value $0.0001 per share, Series A-1 Preferred Stock, par value $0.0001 per share, Series B Preferred Stock, par value $0.0001 per share, Series B-1 Preferred Stock, par value $0.0001 per share, Series C Preferred Stock, par value $0.0001 per share, and Series D Preferred Stock, par value $0.0001 per share (collectively, the “Preferred Stock”), and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares that the Company is authorized to issue and may not be reissued by the Company. Deferred Offering Costs The Company capitalized certain legal, accounting, and other fees and costs that were directly associated with in-process equity financings as deferred offering costs until such financings were consummated. Upon the consummation of the IPO, $6.2 million of such costs were recorded as a reduction of the proceeds generated from the offering, which was recognized in additional paid-in capital. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. |
Segment and Geographical Inform
Segment and Geographical Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographical Information | Segment and Geographical Information The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company manages its operations and allocates resources as a single operating segment. Revenue by location is determined by the billing address of the Company’s customers, which include distributors who purchase the Company’s products and resell them. The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Taiwan $ 63,955 $ 569 $ 123,528 $ 10,303 United States 4,499 6,222 5,356 11,592 Netherlands - 2,412 - 4,919 Other 8,396 1,485 13,224 1,538 Total $ 76,850 $ 10,688 $ 142,108 $ 28,352 The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 41 % * 44 % * Customer B 24 % * 30 % 36 % Customer C 18 % * 13 % * Customer D * 49 % * 20 % Customer E * 23 % * 18 % Customer F * * * 16 % *Less than 10% of total revenue The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of June 30, 2024 December 31, 2023 Customer A 27 % 39 % Customer B 24 % 27 % Customer C 33 % * Customer F 10 % * *Less than 10% of total accounts receivable, net The Company did not recognize any material allowance for credit losses as of June 30, 2024 and December 31, 2023. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of June 30, 2024 Amortized Gross Gross Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S treasury and agency securities 147,641 - (14) 147,627 Corporate debt securities 13,053 - (4) 13,049 Commercial paper 104,499 - (58) 104,441 Total cash equivalents $ 406,542 $ - $ (76) $ 406,466 Marketable securities U.S treasury and agency securities $ 120,473 $ 54 $ (166) $ 120,361 Commercial paper 40,662 - (34) 40,628 Corporate debt securities 226,740 95 (206) 226,629 Foreign government bonds 498 - - 498 Asset-backed securities 21,822 6 (25) 21,803 Total marketable securities $ 410,195 $ 155 $ (431) $ 409,919 As of December 31, 2023 Amortized Gross Gross Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S treasury and agency securities 472 - - 472 Commercial paper 250 - - 250 Total cash equivalents $ 1,479 $ - $ - $ 1,479 Marketable securities U.S treasury and agency securities $ 59,856 $ 211 $ (64) $ 60,003 Commercial paper 8,513 - (5) 8,508 Corporate debt securities 23,552 96 (9) 23,639 Asset-backed securities 12,059 14 (8) 12,065 Total marketable securities $ 103,980 $ 321 $ (86) $ 104,215 As of June 30, 2024 and December 31, 2023, the Company’s marketable securities that were in a continuous loss position for 12 months or more, as well as the unrealized losses on those marketable securities, were not material. The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Estimated Amortized Estimated Due within one year $ 554,614 $ 554,454 $ 65,816 $ 65,757 Due after one year through five years 262,123 261,931 39,643 39,937 Total available-for-sale securities $ 816,737 $ 816,385 $ 105,459 $ 105,694 Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company did not recognize any material allowance for credit losses or impairments as of June 30, 2024 and December 31, 2023. There were no material realized gains or losses from available-for-sale securities that were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023. Fair Value of Assets and Liabilities The Company considers fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S. treasury and agency securities - 147,627 - 147,627 Corporate debt securities - 13,049 - 13,049 Commercial paper - 104,441 - 104,441 Total cash equivalents $ 141,349 $ 265,117 $ - $ 406,466 Marketable securities U.S. treasury and agency securities $ - $ 120,361 $ - $ 120,361 Commercial paper - 40,628 - 40,628 Corporate debt securities - 226,629 - 226,629 Foreign government bonds - 498 - 498 Asset-backed securities - 21,803 - 21,803 Total marketable securities $ - $ 409,919 $ - $ 409,919 As of December 31, 2023 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S. treasury and agency securities - 472 - 472 Commercial paper - 250 - 250 Total cash equivalents $ 757 $ 722 $ - $ 1,479 Marketable securities U.S. treasury and agency securities $ - $ 60,003 $ - $ 60,003 Commercial paper - 8,508 - 8,508 Corporate debt securities - 23,639 - 23,639 Asset-backed securities - 12,065 - 12,065 Total marketable securities $ - $ 104,215 $ - $ 104,215 The carrying amount of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximates their respective fair values because of their short maturities. |
Condensed Consolidated Balanc_3
Condensed Consolidated Balance Sheet Components | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Balance Sheet Components | Condensed Consolidated Balance Sheet Components Inventory Inventory consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Raw materials $ 1,664 $ 2,247 Work-in-progress 10,915 11,780 Finished goods 15,993 10,068 Total inventory $ 28,572 $ 24,095 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Construction in progress $ 16,013 $ — Laboratory equipment 8,367 6,470 Office furniture 307 242 Leasehold improvements 843 437 Servers and workstations 301 242 Property and equipment, gross 25,831 7,391 Less: accumulated depreciation (4,010) (2,679) Total property and equipment, net $ 21,821 $ 4,712 Depreciation expense for the three months ended June 30, 2024 and 2023 was $0.7 million and $0.4 million, respectively, and $1.3 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively. Construction in progress primarily includes production mask costs capitalized relating to the Company’s products and will be placed in service and begin to depreciate when related manufacturing commences. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 16,325 $ 14,923 Production mask costs 13,509 — Accrued expenses 8,650 8,439 Customer deposits 5,000 — Accrued software license costs 3,861 3,224 Operating lease liabilities, current 2,133 2,156 Total accrued expenses and other current liabilities $ 49,478 $ 28,742 Other Liabilities Other liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Income taxes $ 4,890 $ 1,394 Other 1,300 2,393 Total other liabilities $ 6,190 $ 3,787 |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments The Company depends upon third-party subcontractors to manufacture wafers and other inventory parts. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders but require payment of all expenses incurred through the date of cancellation. The Company had no material firm purchase commitments as of June 30, 2024. The Company’s purchase commitments include payments for software licenses when there is a fixed, non-cancellable payment schedule or when minimum payments are due according to a delivery schedule. The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of June 30, 2024 (in thousands): Purchase Commitments Remainder of 2024 $ 600 2025 4,341 Total purchase commitments $ 4,941 In December 2022, the Company entered into a cloud service agreement with a vendor for three years. The arrangement provides cloud hosting services for the Company’s research and development. The minimum purchase commitment is $2.0 million annually from 2024 through 2025. Legal Proceedings From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company is not currently a party to any material legal proceedings or claims, nor is the Company aware of any other pending or threatened legal proceedings or claims that could have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such legal proceedings or claims be resolved unfavorably. Indemnification Obligations In the ordinary course of business, the Company often includes standard indemnification provisions in its arrangements with its members, partners, suppliers and vendors. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred in connection with its service, breach of representations or covenants, intellectual property infringement or other claims made against such parties. These provisions may limit the time within which an indemnification claim can be made. It is not possible to determine the maximum potential amount under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company has not in the past incurred significant expense defending its licensees against third party claims, nor has it incurred significant expense under its standard service warranties or arrangements with its members, partners, suppliers, and vendors. Accordingly, the Company had no liabilities recorded for these provisions as of June 30, 2024 and December 31, 2023. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock | Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock Redeemable Convertible Preferred Stock The Company has previously issued shares of Preferred Stock. Immediately prior to the consummation of the IPO, all of the then outstanding 90.9 million shares of the Company’s convertible Preferred Stock were automatically converted into an aggregate 90.9 million shares of Common Stock on a one-for-one basis, and such shares of Preferred Stock were cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company. Undesignated Preferred Stock On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which authorized 100,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share, with rights and preferences, including voting rights, designated from time to time by the Company’s Board of Directors. As of June 30, 2024, no undesignated preferred stock has been issued. Common Stock On January 22, 2024, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware and resulted in an increase to the authorized shares of the Company’s Common Stock from 162,641,331 shares to 163,375,000 shares. On March 22, 2024, in connection with the consummation of the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware that resulted in an increase to the authorized shares of the Company’s Common Stock from 163,375,000 shares to 1,000,000,000 shares. As of June 30, 2024 and December 31, 2023, the Company had authorized 1.0 billion and 162.6 million shares, respectively, of Common Stock with a $0.0001 per share par value. Common stockholders are entitled to one vote for each share held. |
Common Stock Warrants
Common Stock Warrants | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Common Stock Warrants | Common Stock Warrants In October 2022, the Company issued a warrant to a customer (“Holder”) to purchase an aggregate of up to 1,484,230 shares of Common Stock at an exercise price of $20.34 per share (the “Customer Warrant”). The exercise period of the Customer Warrant is through the seven In October 2023, the Company amended the warrant agreement and issued an additional warrant to the Holder to purchase an aggregate of up to 831,945 shares of Common Stock at an exercise price of $20.34 per share (the “2023 Warrant”, and together with the Customer Warrant, the “Warrants”), with the same exercise period as the Customer Warrant. The 2023 Warrant will vest and become exercisable over the contract term, contingent upon the achievement of performance conditions, comprised of specified tranches of payments by the Holder and its affiliates to the Company. As of June 30, 2024 and December 31, 2023, an aggregate of 290,355 shares and 198,518 shares, respectively, underlying the Warrants vested and are exercisable. Additionally, an aggregate of 42,693 and 34,090 shares were probable of vesting as of June 30, 2024 and December 31, 2023, respectively. The Company recognized $0.3 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.1 million for the six months ended June 30, 2024 and 2023, as a reduction of revenue in the condensed consolidated statements of opera tions and comprehensive loss related to the Warrants. The remaining grant date fair values of the Warrants that are probable of vesting will be recognized as a reduction of revenue in proportion to the amount of related product sales, which could occur until October 14, 2029. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Amended and Restated 2018 Equity Incentive Plan Prior to the IPO, the Company historically granted stock-based compensation awards under its Amended and Restated 2018 Equity Incentive Plan (as amended, “2018 Plan”). The 2018 Plan provided for the grant of incentive and nonqualified stock options and restricted stock units (“RSU”) to qualified employees, nonemployee directors, and consultants. Options granted under the 2018 Plan generally expire within 10 years from the date of grant, vest over four years and are exercisable for shares of the Company’s Common Stock. The RSUs vest upon the satisfaction of both a service condition and a liquidity event condition. The service condition for the RSUs is generally satisfied over a four-year vesting period. The liquidity event vesting condition for the RSUs was satisfied in connection with the IPO. The 2018 Plan was terminated in March 2024. Any shares of the Company’s Common Stock that would have otherwise returned to the 2018 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder, including, for the avoidance of doubt, any shares of Common Stock withheld by the Company to satisfy any tax withholding obligations that arose upon vesting or settlement of awards in connection with the IPO, will be returned to the share reserve under the 2024 Plan. All future equity grants will be made pursuant to the 2024 Plan. 2024 Stock Option and Incentive Plan In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Stock Option and Incentive Plan (“2024 Plan”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. Under the 2024 Plan, the Company initially reserved 12,362,662 shares of the Common Stock for issuance thereunder. The 2024 Plan provides for annual automatic increases in the number of shares of the Company’s Common Stock reserved thereunder on January 1, 2025 and each January 1 thereafter, by 5% of the issued and outstanding number of shares of Common Stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee of the Company’s board of directors . 2024 Employee Stock Purchase Plan In March 2024, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2024 Employee Stock Purchase Plan (“ESPP”), which became effective on March 19, 2024, immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. The Company initially reserved 3,090,666 shares of the Common Stock for future issuance. The number of shares of the Common Stock reserved for issuance will automatically increase on January 1 of each calendar year, beginning on January 1, 2025 through January 1, 2034, by the lesser of (i) 3,090,666 shares of common stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such number of shares of Common Stock as determined by the compensation committee of the Company’s board of directors. Under the ESPP, participants can purchase the Company’s Common Stock using payroll deductions, which may not exceed 15% of their salary. Participants will be granted the right to purchase shares of Common Stock at a price per share that is equal to 85% of the lesser of (i) the fair market value of the common stock on the first trading day of the applicable offering period, or the “Price to Public” set forth on the cover page for the Prospectus if the date for which the fair market value of the Common Stock is determined is the first day when trading prices for the Company’s Common Stock are reported on a national securities exchange or (ii) the fair market value of the Common Stock on the last trading day of the end of the six-month offering period. No participant has the right to purchase shares of Common Stock in an amount, when aggregated with purchase rights under all the Company’s employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable offering period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 3,000 shares during any applicable offering period. As of June 30, 2024, there have been no shares issued under the ESPP. A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 84 $ 2 $ 612 $ 7 Research and development 12,971 1,672 42,978 3,351 Sales and marketing 15,758 694 65,016 695 General and administrative 14,254 304 32,229 616 Total $ 43,067 $ 2,672 $ 140,835 $ 4,669 Stock-based compensation expense recognized during the six months ended June 30, 2024 included $88.9 million of cumulative stock-based compensation expense related to the time-based vesting and settlement of RSUs that had previously met the time-based vesting condition and for which the liquidity event vesting condition was satisfied in connection with the Company’s IPO. Stock Option A summary of stock option activity under the 2018 Plan is as f ollows (in thousands, except years and per share data): Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2023 10,059 $ 0.84 7.5 $ 175,790 Granted - - Exercised (835) 0.63 Cancelled and forfeited (42) 0.69 Outstanding at June 30, 2024 9,182 $ 0.86 6.9 $ 547,676 Vested and Exercisable at June 30, 2024 6,583 $ 0.74 6.8 $ 393,469 As of June 30, 2024, there was approximately $14.1 million of total unrecognized compensation cost, related to unvested options, which is expected to be recognized over a weighted-average remaining requisite service period of 1.2 years, using the straight-line method. Restricted Stock Units A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data): Number of Weighted Outstanding at December 31, 2023 8,583 $ 13.34 Granted 8,142 30.51 Vested (3,700) 11.87 Cancelled and forfeited (243) 18.33 Outstanding at June 30, 2024 12,782 $ 24.30 The aggregate fair value of RSUs that vested and settled during the six months ended June 30, 2024 was $128.1 million. As of June 30, 2024, there was $222.1 million of unrecognized stock-based compensation expense related to all unvested awards, which is expected to be recognized over a weighted-average period of 1.7 years. |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (7,546) $ (20,004) $ (100,541) $ (37,458) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 155,199 36,567 103,865 36,199 Net loss per share attributable to common stockholders, basic and diluted $ (0.05) $ (0.55) $ (0.97) $ (1.03) As the Company was in a loss position for the three and six months ended June 30, 2024 and 2023, basic and diluted net loss per share are the same as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands): As of June 30, 2024 June 30, 2023 Options to purchase Common Stock 9,155 11,712 Redeemable convertible Preferred Stock — 90,891 Unvested RSUs 12,782 6,354 Warrants for Common Stock 2,442 1,610 ESPP 149 — Total 24,528 110,567 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's income tax expense recognized for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except percentages): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (benefit) provision $ (6,537) $ 3,946 $ 6,045 $ 4,069 Effective tax rate 46.4 % (24.6) % (6.4) % (12.19) % The Company accrues for income taxes during interim periods based on the estimated effective tax rate for the year. The effective tax rate for the three and six months ended June 30, 2024 and 2023 is different than the statutory federal tax rate primarily due to the valuation allowance in the United States and the capitalization of research and development expenditures under Section 174 of the Internal Revenue Code, which results in current tax expense. This is offset by benefits from the foreign derived intangible income deduction, significant increase in stock-based compensation tax deduction from option exercises, and U.S. research and development credits. I ncome tax (benefit) provision consists primarily of U.S. federal, state, and foreign income taxes. The Company maintains a full valuation allowance on its federal and state deferred tax assets as it has concluded that it is more likely than not that the deferred tax assets will not be realized as of June 30, 2024 and December 31, 2023. The Tax Cuts and Jobs Act (“TCJA”) requires taxpayers to capitalize and amortize research and development expenditures under Internal Revenue Code Section 174 for tax years beginning after December 31, 2021. The rule became effective for the Company in 2022 and resulted in the capitalization of research and development costs which was offset by a valuation allowance. The Company will amortize these costs for tax purposes over 5 years for research and development performed in the U.S., and over 15 years for research and development performed outside of the United States. The effect of the TCJA has resulted in reporting taxable income in 2023 and 2024, despite incurring a pre-tax loss. The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification 740-10, Accounting for Uncertainty in Income Taxes. The Company recognizes the tax effects of an uncertain tax position only if it is more likely than not to be sustained based solely on its technical merits as of the reporting date and only in an amount more likely than not to be sustained upon review by the tax authorities. Interest and penalties related to uncertain tax positions are classified in the condensed consolidated financial statements as income tax expense. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net loss attributable to common stockholders | $ (7,546) | $ (20,004) | $ (100,541) | $ (37,458) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | Our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading agreement” (each as defined in Item 408 of Regulation S-K) during the quarterly period covered by this report as described in the table below: Name Title Action Date Adopted Character of Trading Arrangement (1) Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to a Trading Arrangement Expiration Date (2) Jitendra Mohan (3) CEO, Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 900,000 (4) 8/29/2025 Sanjay Gajendra (5) President, COO, Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 1,000,000 (4) 7/31/2025 Manuel Alba (6) Director Adoption 5/31/2024 Rule 10b5-1 Trading Arrangement 1,040,000 8/30/2025 Jack Lazar Director Adoption 5/22/2024 Rule 10b5-1 Trading Arrangement 52,500 5/22/2025 Michael Tate (7) CFO Adoption 5/30/2024 Rule 10b5-1 Trading Arrangement 500,000 (4) 7/31/2025 Philip Mazzara General Counsel Adoption 5/24/2024 Rule 10b5-1 Trading Arrangement 125,000 (4) 5/24/2025 (1) Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended (the Rule). (2) Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of sales or (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule and is scheduled to terminate on the earlier of the expiration date or when all shares are sold under such plan, subject to early termination for certain specified events set forth therein. (3) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Jitendra Mohan. (4) The shares subject to this trading arrangement also include certain shares subject to time-based RSUs that will be sold to satisfy applicable tax withholding and remittance obligations upon vesting of the RSUs during the applicable period. The total number of such shares that may be sold pursuant to such arrangement is not currently determinable, as the number of shares required to be sold will vary based on, among other things, the market price of our common stock at the time of settlement, the applicable withholding taxes at the time of settlement, and the potential future grant of additional equity awards subject to this arrangement. This trading arrangement, which also applies to RSUs held by the individual, provides for the automatic sale of shares that would otherwise be issuable on each settlement date of a covered RSU in an amount sufficient to satisfy the applicable withholding obligation with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation, in accordance with the Company’s mandatory sell to cover policy. (5) The shares covered by this trading arrangement include certain shares that are held by trusts and may be deemed to be indirectly beneficially owned by Sanjay Gajendra. (6) The shares covered by this trading arrangement include certain shares held by (a) Alba 2003 Living Trust; (b) Mar 2011 Children’s Trust; and (c) Casa Alameda 2007, LLC, which shares may be deemed to be beneficially owned by Manuel Alba. | |
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Jitendra Mohan [Member] | ||
Trading Arrangements, by Individual | ||
Name | Jitendra Mohan(3) | |
Title | CEO, Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/31/2024 | |
Expiration Date | 8/29/2025 | |
Arrangement Duration | 455 days | |
Aggregate Available | 900,000 | 900,000 |
Sanjay Gajendra [Member] | ||
Trading Arrangements, by Individual | ||
Name | Sanjay Gajendra(5) | |
Title | President, COO, Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/31/2024 | |
Expiration Date | 7/31/2025 | |
Arrangement Duration | 426 days | |
Aggregate Available | 1,000,000 | 1,000,000 |
Manuel Alba [Member] | ||
Trading Arrangements, by Individual | ||
Name | Manuel Alba(6) | |
Title | Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/31/2024 | |
Expiration Date | 8/30/2025 | |
Arrangement Duration | 91 days | |
Aggregate Available | 1,040,000 | 1,040,000 |
Jack Lazar [Member] | ||
Trading Arrangements, by Individual | ||
Name | Jack Lazar | |
Title | Director | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/22/2024 | |
Expiration Date | 5/22/2025 | |
Arrangement Duration | 365 days | |
Aggregate Available | 52,500 | 52,500 |
Mike Tate [Member] | ||
Trading Arrangements, by Individual | ||
Name | Michael Tate(7) | |
Title | CFO | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/30/2024 | |
Expiration Date | 7/31/2025 | |
Arrangement Duration | 427 days | |
Aggregate Available | 500,000 | 500,000 |
Philip Mazzara [Member] | ||
Trading Arrangements, by Individual | ||
Name | Philip Mazzara | |
Title | General Counsel | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | 5/24/2024 | |
Expiration Date | 5/24/2025 | |
Arrangement Duration | 365 days | |
Aggregate Available | 125,000 | 125,000 |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements and notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial information. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2023 included in the Company’s final prospectus dated March 19, 2024 (the “Prospectus”), as filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”) on March 21, 2024. In the opinion of management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to state fairly the balance sheets, statements of operations and comprehensive loss, of redeemable convertible preferred stock and stockholders’ equity (deficit), and of cash flows for the interim periods presented, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period. |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company’s significant estimates include, but are not limited to, the useful lives and recoverability of long-lived assets, the valuation of deferred tax assets, reserves for uncertain tax positions, the valuation of inventory, warranty reserve, the fair value of marketable securities, the grant date fair value of common stock warrants, the valuation and assumptions underlying stock-based compensation including the per share fair value of the Company’s common stock, and the incremental borrowing rate used in the Company’s operating lease calculations. By their nature, estimates are subject to an inherent degree of uncertainty and actual results could differ from those estimates. |
Deferred Offering Costs | Deferred Offering Costs |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect a material impact from the adoption of this guidance on its consolidated financial statements and related disclosures. |
Segment and Geographical Info_2
Segment and Geographical Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers by Geographic Areas | The following table sets forth revenue by geographic area (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Taiwan $ 63,955 $ 569 $ 123,528 $ 10,303 United States 4,499 6,222 5,356 11,592 Netherlands - 2,412 - 4,919 Other 8,396 1,485 13,224 1,538 Total $ 76,850 $ 10,688 $ 142,108 $ 28,352 |
Schedules of Concentration of Risk, by Risk Factor | The Company had the following customers that individually comprised 10% or more of its revenue: Three Months Ended Six Months Ended 2024 2023 2024 2023 Customer A 41 % * 44 % * Customer B 24 % * 30 % 36 % Customer C 18 % * 13 % * Customer D * 49 % * 20 % Customer E * 23 % * 18 % Customer F * * * 16 % *Less than 10% of total revenue The Company had the following customers that individually comprised 10% or more of its accounts receivable, net: As of June 30, 2024 December 31, 2023 Customer A 27 % 39 % Customer B 24 % 27 % Customer C 33 % * Customer F 10 % * |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Available-for-Sale | The amortized cost, gross unrealized gains and losses, and fair value of available-for-sale securities by major security type are as follows (in thousands): As of June 30, 2024 Amortized Gross Gross Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S treasury and agency securities 147,641 - (14) 147,627 Corporate debt securities 13,053 - (4) 13,049 Commercial paper 104,499 - (58) 104,441 Total cash equivalents $ 406,542 $ - $ (76) $ 406,466 Marketable securities U.S treasury and agency securities $ 120,473 $ 54 $ (166) $ 120,361 Commercial paper 40,662 - (34) 40,628 Corporate debt securities 226,740 95 (206) 226,629 Foreign government bonds 498 - - 498 Asset-backed securities 21,822 6 (25) 21,803 Total marketable securities $ 410,195 $ 155 $ (431) $ 409,919 As of December 31, 2023 Amortized Gross Gross Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S treasury and agency securities 472 - - 472 Commercial paper 250 - - 250 Total cash equivalents $ 1,479 $ - $ - $ 1,479 Marketable securities U.S treasury and agency securities $ 59,856 $ 211 $ (64) $ 60,003 Commercial paper 8,513 - (5) 8,508 Corporate debt securities 23,552 96 (9) 23,639 Asset-backed securities 12,059 14 (8) 12,065 Total marketable securities $ 103,980 $ 321 $ (86) $ 104,215 |
Schedule of Investments Classified by Contractual Maturity Date | The contractual maturities of marketable securities classified as available-for-sale, regardless of their classification on the Company’s condensed consolidated balance sheets, are as follows (in thousands): As of June 30, 2024 As of December 31, 2023 Amortized Estimated Amortized Estimated Due within one year $ 554,614 $ 554,454 $ 65,816 $ 65,757 Due after one year through five years 262,123 261,931 39,643 39,937 Total available-for-sale securities $ 816,737 $ 816,385 $ 105,459 $ 105,694 |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis based on the fair value hierarchy as follows (in thousands): As of June 30, 2024 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 141,349 $ - $ - $ 141,349 U.S. treasury and agency securities - 147,627 - 147,627 Corporate debt securities - 13,049 - 13,049 Commercial paper - 104,441 - 104,441 Total cash equivalents $ 141,349 $ 265,117 $ - $ 406,466 Marketable securities U.S. treasury and agency securities $ - $ 120,361 $ - $ 120,361 Commercial paper - 40,628 - 40,628 Corporate debt securities - 226,629 - 226,629 Foreign government bonds - 498 - 498 Asset-backed securities - 21,803 - 21,803 Total marketable securities $ - $ 409,919 $ - $ 409,919 As of December 31, 2023 Level 1 Level 2 Level 3 Total Fair Cash equivalents Money market funds $ 757 $ - $ - $ 757 U.S. treasury and agency securities - 472 - 472 Commercial paper - 250 - 250 Total cash equivalents $ 757 $ 722 $ - $ 1,479 Marketable securities U.S. treasury and agency securities $ - $ 60,003 $ - $ 60,003 Commercial paper - 8,508 - 8,508 Corporate debt securities - 23,639 - 23,639 Asset-backed securities - 12,065 - 12,065 Total marketable securities $ - $ 104,215 $ - $ 104,215 |
Condensed Consolidated Balanc_4
Condensed Consolidated Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Inventory consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Raw materials $ 1,664 $ 2,247 Work-in-progress 10,915 11,780 Finished goods 15,993 10,068 Total inventory $ 28,572 $ 24,095 |
Schedule of Property, Plant and Equipment | Property and equipment, net consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Construction in progress $ 16,013 $ — Laboratory equipment 8,367 6,470 Office furniture 307 242 Leasehold improvements 843 437 Servers and workstations 301 242 Property and equipment, gross 25,831 7,391 Less: accumulated depreciation (4,010) (2,679) Total property and equipment, net $ 21,821 $ 4,712 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Accrued compensation and benefits $ 16,325 $ 14,923 Production mask costs 13,509 — Accrued expenses 8,650 8,439 Customer deposits 5,000 — Accrued software license costs 3,861 3,224 Operating lease liabilities, current 2,133 2,156 Total accrued expenses and other current liabilities $ 49,478 $ 28,742 |
Schedule of Other Liabilities | Other liabilities consists of the following (in thousands): As of June 30, 2024 December 31, 2023 Income taxes $ 4,890 $ 1,394 Other 1,300 2,393 Total other liabilities $ 6,190 $ 3,787 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Obligation, Fiscal Year Maturity | The Company is committed to make the following minimum payments under its purchase commitments for software licenses as of June 30, 2024 (in thousands): Purchase Commitments Remainder of 2024 $ 600 2025 4,341 Total purchase commitments $ 4,941 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-Based Compensation Expense | A summary of stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Cost of revenue $ 84 $ 2 $ 612 $ 7 Research and development 12,971 1,672 42,978 3,351 Sales and marketing 15,758 694 65,016 695 General and administrative 14,254 304 32,229 616 Total $ 43,067 $ 2,672 $ 140,835 $ 4,669 |
Schedule of Stock Option Activity | A summary of stock option activity under the 2018 Plan is as f ollows (in thousands, except years and per share data): Number of Weighted Weighted Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2023 10,059 $ 0.84 7.5 $ 175,790 Granted - - Exercised (835) 0.63 Cancelled and forfeited (42) 0.69 Outstanding at June 30, 2024 9,182 $ 0.86 6.9 $ 547,676 Vested and Exercisable at June 30, 2024 6,583 $ 0.74 6.8 $ 393,469 |
Schedule of Restricted Stock Unit Activity | A summary of RSU activity under the 2018 Plan and 2024 Plan is as follows (in thousands, except per share data): Number of Weighted Outstanding at December 31, 2023 8,583 $ 13.34 Granted 8,142 30.51 Vested (3,700) 11.87 Cancelled and forfeited (243) 18.33 Outstanding at June 30, 2024 12,782 $ 24.30 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share attributable to the Company’s common stockholders (in thousands, except per share data): Three Months Ended Six Months Ended 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (7,546) $ (20,004) $ (100,541) $ (37,458) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 155,199 36,567 103,865 36,199 Net loss per share attributable to common stockholders, basic and diluted $ (0.05) $ (0.55) $ (0.97) $ (1.03) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities that were not included in the diluted per share calculations because they would have been anti-dilutive were as follows (in thousands): As of June 30, 2024 June 30, 2023 Options to purchase Common Stock 9,155 11,712 Redeemable convertible Preferred Stock — 90,891 Unvested RSUs 12,782 6,354 Warrants for Common Stock 2,442 1,610 ESPP 149 — Total 24,528 110,567 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The Company's income tax expense recognized for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands, except percentages): Three Months Ended Six Months Ended 2024 2023 2024 2023 Income tax (benefit) provision $ (6,537) $ 3,946 $ 6,045 $ 4,069 Effective tax rate 46.4 % (24.6) % (6.4) % (12.19) % |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |||
Mar. 22, 2024 USD ($) $ / shares shares | Mar. 21, 2024 $ / shares shares | Jun. 30, 2024 $ / shares shares | Dec. 31, 2023 $ / shares | |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Underwriting discounts and commissions | $ | $ 39.1 | |||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | shares | 90,900,000 | |||
Preferred stock, convertible, conversion ratio | 1 | |||
Undesignated preferred stock, par value (in dollars per share) | $ 0.0001 | |||
Issuance costs recognized in additional paid in capital | $ | $ 6.2 | |||
Series A Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | $ 0.0001 | |||
Series A-1 Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | 0.0001 | |||
Series B Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | 0.0001 | |||
Series B-1 Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | 0.0001 | |||
Series C Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | 0.0001 | |||
Series D Preferred Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Undesignated preferred stock, par value (in dollars per share) | $ 0.0001 | |||
Common Stock | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of redeemable convertible preferred stock into common stock in connection with initial public offering (in shares) | shares | 90,890,650 | 90,891,000 | ||
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | shares | 22,770,000 | |||
Common stock, par value (in dollars per share) | $ 0.0001 | |||
Sale of stock, price (in dollars per share) | $ 36 | |||
Consideration received on transaction | $ | $ 672.2 | |||
IPO, Including Over-Allotment | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | shares | 19,758,903 | |||
Over-Allotment Option | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | shares | 2,970,000 | |||
Public Stock Offering - Shares From Existing Shareholders | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of shares issued (in shares) | shares | 3,011,097 |
Segment and Geographical Info_3
Segment and Geographical Information - Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 76,850 | $ 10,688 | $ 142,108 | $ 28,352 |
Taiwan | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 63,955 | 569 | 123,528 | 10,303 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4,499 | 6,222 | 5,356 | 11,592 |
Netherlands | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 2,412 | 0 | 4,919 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,396 | $ 1,485 | $ 13,224 | $ 1,538 |
Segment and Geographical Info_4
Segment and Geographical Information - Schedule of Revenue Concentration Risk (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Customer A | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 41% | 44% | ||
Customer B | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 24% | 30% | 36% | |
Customer C | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 18% | 13% | ||
Customer D | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 49% | 20% | ||
Customer E | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 23% | 18% | ||
Customer F | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk | 16% |
Segment and Geographical Info_5
Segment and Geographical Information - Schedule of Revenue Accounts Receivables Concentration Risk (Details) - Accounts Receivable - Customer Concentration Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Customer A | ||
Segment Reporting Information [Line Items] | ||
Concentration risk | 27% | 39% |
Customer B | ||
Segment Reporting Information [Line Items] | ||
Concentration risk | 24% | 27% |
Customer C | ||
Segment Reporting Information [Line Items] | ||
Concentration risk | 33% | |
Customer F | ||
Segment Reporting Information [Line Items] | ||
Concentration risk | 10% |
Segment and Geographical Info_6
Segment and Geographical Information - Narrative (Details) - Property, Plant and Equipment - Geographic Concentration Risk | 6 Months Ended |
Jun. 30, 2024 | |
United States | |
Segment Reporting Information [Line Items] | |
Concentration risk | 25% |
Taiwan | |
Segment Reporting Information [Line Items] | |
Concentration risk | 73% |
Marketable Securities - Amortiz
Marketable Securities - Amortized Cost vs. Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 816,737 | $ 105,459 |
Fair Value | 816,385 | 105,694 |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 406,542 | 1,479 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (76) | 0 |
Fair Value | 406,466 | 1,479 |
Cash equivalents | Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 141,349 | 757 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 141,349 | 757 |
Cash equivalents | U.S treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 147,641 | 472 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (14) | 0 |
Fair Value | 147,627 | 472 |
Cash equivalents | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,053 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4) | |
Fair Value | 13,049 | |
Cash equivalents | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 104,499 | 250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (58) | 0 |
Fair Value | 104,441 | 250 |
Marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 410,195 | 103,980 |
Gross Unrealized Gains | 155 | 321 |
Gross Unrealized Losses | (431) | (86) |
Fair Value | 409,919 | 104,215 |
Marketable securities | U.S treasury and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 120,473 | 59,856 |
Gross Unrealized Gains | 54 | 211 |
Gross Unrealized Losses | (166) | (64) |
Fair Value | 120,361 | 60,003 |
Marketable securities | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 226,740 | 23,552 |
Gross Unrealized Gains | 95 | 96 |
Gross Unrealized Losses | (206) | (9) |
Fair Value | 226,629 | 23,639 |
Marketable securities | Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 40,662 | 8,513 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (34) | (5) |
Fair Value | 40,628 | 8,508 |
Marketable securities | Foreign government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 498 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 498 | |
Marketable securities | Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,822 | 12,059 |
Gross Unrealized Gains | 6 | 14 |
Gross Unrealized Losses | (25) | (8) |
Fair Value | $ 21,803 | $ 12,065 |
Marketable Securities - Investm
Marketable Securities - Investment by Maturity Dates (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due within one year | $ 554,614 | $ 65,816 |
Due after one year through five years | 262,123 | 39,643 |
Amortized Cost | 816,737 | 105,459 |
Estimated Fair Value | ||
Due within one year | 554,454 | 65,757 |
Due after one year through five years | 261,931 | 39,937 |
Total available-for-sale securities | $ 816,385 | $ 105,694 |
Marketable Securities - Fair Va
Marketable Securities - Fair Value Measurement (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 816,385 | $ 105,694 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 406,466 | 1,479 |
Cash equivalents | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 141,349 | 757 |
Cash equivalents | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 147,627 | 472 |
Cash equivalents | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 104,441 | 250 |
Cash equivalents | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,049 | |
Cash equivalents | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 141,349 | 757 |
Cash equivalents | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 141,349 | 757 |
Cash equivalents | Level 1 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Cash equivalents | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 265,117 | 722 |
Cash equivalents | Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 2 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 147,627 | 472 |
Cash equivalents | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 104,441 | 250 |
Cash equivalents | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,049 | |
Cash equivalents | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 3 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Cash equivalents | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 409,919 | 104,215 |
Marketable securities | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 120,361 | 60,003 |
Marketable securities | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,628 | 8,508 |
Marketable securities | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 226,629 | 23,639 |
Marketable securities | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 498 | |
Marketable securities | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 21,803 | 12,065 |
Marketable securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 1 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 1 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Marketable securities | Level 1 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 409,919 | 104,215 |
Marketable securities | Level 2 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 120,361 | 60,003 |
Marketable securities | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 40,628 | 8,508 |
Marketable securities | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 226,629 | 23,639 |
Marketable securities | Level 2 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 498 | |
Marketable securities | Level 2 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 21,803 | 12,065 |
Marketable securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 3 | U.S treasury and agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Marketable securities | Level 3 | Foreign government bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Marketable securities | Level 3 | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 0 | $ 0 |
Condensed Consolidated Balanc_5
Condensed Consolidated Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 1,664 | $ 2,247 |
Work-in-progress | 10,915 | 11,780 |
Finished goods | 15,993 | 10,068 |
Total inventory | $ 28,572 | $ 24,095 |
Condensed Consolidated Balanc_6
Condensed Consolidated Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 25,831 | $ 7,391 |
Less: accumulated depreciation | (4,010) | (2,679) |
Total property and equipment, net | 21,821 | 4,712 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,013 | 0 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,367 | 6,470 |
Office furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 307 | 242 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 843 | 437 |
Servers and workstations | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 301 | $ 242 |
Condensed Consolidated Balanc_7
Condensed Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 700 | $ 400 | $ 1,331 | $ 763 |
Condensed Consolidated Balanc_8
Condensed Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation and benefits | $ 16,325 | $ 14,923 |
Production mask costs | 13,509 | 0 |
Accrued expenses | 8,650 | 8,439 |
Customer deposits | 5,000 | 0 |
Accrued software license costs | 3,861 | 3,224 |
Operating lease liabilities, current | 2,133 | 2,156 |
Accrued expenses and other current liabilities | $ 49,478 | $ 28,742 |
Condensed Consolidated Balanc_9
Condensed Consolidated Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Income taxes | $ 4,890 | $ 1,394 |
Other | 1,300 | 2,393 |
Total other liabilities | $ 6,190 | $ 3,787 |
Commitment and Contingencies -
Commitment and Contingencies - Purchase Obligation (Details) - License $ in Thousands | Jun. 30, 2024 USD ($) |
Other Commitments [Line Items] | |
Remainder of 2024 | $ 600 |
2025 | 4,341 |
Total purchase commitments | $ 4,941 |
Commitment and Contingencies _2
Commitment and Contingencies - Narrative (Details) - USD ($) | 1 Months Ended | ||
Dec. 31, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Service agreement term | 3 years | ||
Contractual obligation, year one | $ 2,000,000 | ||
Contractual obligation, year two | 2,000,000 | ||
Estimate of possible loss | $ 0 | $ 0 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock, Undesignated Preferred Stock, and Common Stock (Details) | Mar. 21, 2024 shares | Jun. 30, 2024 vote $ / shares shares | Mar. 22, 2024 $ / shares shares | Jan. 22, 2024 shares | Dec. 31, 2023 $ / shares shares |
Equity [Abstract] | |||||
Conversion of preferred stock into common stock (in shares) | 90,900,000 | ||||
Conversion of redeemable convertible preferred stock into common stock (in shares) | 90,900,000 | ||||
Preferred stock, convertible, conversion ratio | 1 | ||||
Undesignated preferred stock, authorized (in shares) | 100,000,000 | ||||
Undesignated preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||
Undesignated preferred stock, issued (in shares) | 0 | ||||
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 | 163,375,000 | 162,641,331 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||
Voting right | vote | 1 |
Common Stock Warrants (Details)
Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Oct. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Oct. 31, 2023 | |
Class of Warrant or Right [Line Items] | |||||||
Warrants contra revenue | $ 443 | $ 127 | |||||
Customer Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of shares issuable by warrant (in shares) | 1,484,230 | ||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 20.34 | ||||||
Warrant exercisable term | 7 years | ||||||
Warrant shares issuable vested (in shares) | 14,844 | ||||||
2023 Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of shares issuable by warrant (in shares) | 831,945 | ||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 20.34 | ||||||
Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrants issuable (in shares) | 290,355 | 290,355 | 198,518 | ||||
Warrant eligible for vesting (in shares) | 42,693 | 42,693 | 34,090 | ||||
Warrants contra revenue | $ 300 | $ 100 | $ 400 | $ 100 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 43,067,000 | $ 2,672,000 | $ 140,835,000 | $ 4,669,000 | |
Unrecognized stock based compensation | 14,100,000 | $ 14,100,000 | |||
Stock Option | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized stock based compensation expense, recognition period | 1 year 2 months 12 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unrecognized stock based compensation expense, recognition period | 1 year 8 months 12 days | ||||
Fair value of RSUs vested | $ 128,100,000 | ||||
Unrecognized share-based compensation cost related to unvested restricted stock units | $ 222,100,000 | 222,100,000 | |||
Restricted Stock Units In Connection With IPO | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 88,900,000 | ||||
2018 Equity Incentive Plan | Stock Option | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Vesting period | 4 years | ||||
2018 Equity Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
2024 Equity Incentive Plan | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 12,362,662 | ||||
Annual automatic increases in the number of shares | 5% | ||||
2024 Employee Stock Purchase Plan | ESPP | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 3,090,666 | ||||
Number of additional shares allowable under the plan (in shares) | 3,090,666 | ||||
Percent of outstanding shares | 1% | ||||
Maximum employee subscription amount, percent of salary | 15% | ||||
ESPP purchase price of common stock, percent of market price | 85% | ||||
Purchase period | 6 months | ||||
Maximum contribution amount | $ 25,000 | ||||
Maximum number of shares per employee (in shares) | 3,000 | ||||
ESPP shares purchased during the period (in shares) | 0 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 43,067 | $ 2,672 | $ 140,835 | $ 4,669 |
Cost of revenue | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 84 | 2 | 612 | 7 |
Research and development | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 12,971 | 1,672 | 42,978 | 3,351 |
Sales and marketing | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 15,758 | 694 | 65,016 | 695 |
General and administrative | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 14,254 | $ 304 | $ 32,229 | $ 616 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | |
Number of Shares | ||
Outstanding beginning balance (in shares) | shares | 10,059 | |
Granted (in shares) | shares | 0 | |
Exercised (in shares) | shares | (835) | |
Cancelled and forfeited (in shares) | shares | (42) | |
Outstanding ending balance (in shares) | shares | 9,182 | 10,059 |
Vested and exercisable (in shares) | shares | 6,583 | |
Weighted Average Exercise Price | ||
Outstanding beginning balance, Weighted average exercise price (in dollars per share) | $ / shares | $ 0.86 | $ 0.84 |
Granted (in dollars per share) | $ / shares | 0 | |
Exercised (in dollars per share) | $ / shares | 0.63 | |
Cancelled and forfeited (in dollars per share) | $ / shares | 0.69 | |
Outstanding ending balance, Weighted average exercise price (in dollars per share) | $ / shares | 0.84 | |
Vested an exercisable (in dollars per share) | $ / shares | $ 0.74 | |
Weighted-average remaining contractual term | 6 years 10 months 24 days | 7 years 6 months |
Vested and exercisable, weighted-average remaining contractual term | 6 years 9 months 18 days | |
Aggregate intrinsic value | $ | $ 547,676 | $ 175,790 |
Vested and exercisable, aggregate intrinsic value | $ | $ 393,469 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of Restricted Stock Units | |
Outstanding beginning balance (in shares) | shares | 8,583 |
Granted (in shares) | shares | 8,142 |
Vested (in shares) | shares | (3,700) |
Cancelled and forfeited (in shares) | shares | (243) |
Outstanding ending balance (in shares) | shares | 12,782 |
Weighted Average Grant Date Fair Value | |
Outstanding beginning balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.34 |
Granted (in dollars per share) | $ / shares | 30.51 |
Vested (in dollars per share) | $ / shares | 11.87 |
Cancelled and forfeited (in dollars per share) | $ / shares | 18.33 |
Outstanding ending balance, Weighted average grant date fair value (in dollars per share) | $ / shares | $ 24.30 |
Net Loss per Common Share - Sch
Net Loss per Common Share - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (7,546) | $ (20,004) | $ (100,541) | $ (37,458) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 155,199 | 36,567 | 103,865 | 36,199 |
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 155,199 | 36,567 | 103,865 | 36,199 |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.05) | $ (0.55) | $ (0.97) | $ (1.03) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.05) | $ (0.55) | $ (0.97) | $ (1.03) |
Net Loss per Common Share - Ant
Net Loss per Common Share - Antidilutive Shares (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 24,528 | 110,567 |
Options to purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 9,155 | 11,712 |
Redeemable convertible Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 0 | 90,891 |
Unvested RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 12,782 | 6,354 |
Warrants for Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 2,442 | 1,610 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares | 149 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) provision | $ (6,537) | $ 3,946 | $ 6,045 | $ 4,069 |
Effective tax rate | 46.40% | (24.60%) | (6.40%) | (12.19%) |